"While the latest European PMIs have continued to show some signs of stabilization, these readings remain below the 50 boom/bust level, and the debate regarding ECB policy has gained renewed momentum. The discussion of negative (depo) rates has also intensified once again as a result of the decline of inflation rates and the dovish stance of the ECB at the May meeting.
In that regard, Morgan Stanley's European economists expect a further refi rate cut at the June meeting but are not expecting a deposit rate cut at this stage, given technical and political considerations regarding a move to negative deposit rates.
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On the other hand, MS thinks that with Bernanke acknowledging that the Fed could begin tapering quantitative easing over the next couple of months, and with the FOMC minutes showing that a number of participants favoured a scaling back of QE as early as the next meeting, this has shifted the Fed’s stance towards the direction of the hawks."
Read More : http://www.efxnews.com/story/18969/ecb-cut-refi-rates-further-next-month-stay-bearish-eurusd-morgan-stanley
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